- Marathon Oil (NYSE:MRO) cuts its 2020 capital spending outlook for the second time in a month, now expecting to spend ~$1.3B, $600M below its estimate provided last month and $1.1B lower than its original $2.4B forecast.
- The revised capex plan represents about half the company's spending from a year ago.
- Marathon says it will suspend drilling activity in Northern Delaware, in addition to previously announced actions to fully suspend Resource Play Exploration and Oklahoma activity.
- The revised plan includes "frac holidays" in the Bakken and Eagle Ford during Q2 before the company transitions to a lower and more continuous drilling and completion program during H2 2020 in both basins.
- MRO +4.6% pre-market.